Allworth Advice: How smart cars affect car insurance
Amy Wagner with Allworth Financial discusses how your smart car can be affecting your car insurance. It’s a Californian’s right to gripe about housing or gas prices, but perhaps less regarding car insurance costs. NerdWallet determined the average annual costs of full and minimum car insurance for all 50 states, revealing which states were affordable for motorists and which were less so.
The national average cost for full coverage car insurance for someone with a clean driving record and good credit is $1,765 a year, according to NerdWallet’s August 2024 rate analysis. The minimum coverage costs an average of $493 a year. California’s auto insurance rates come in slightly below both figures.
As of June 2024, the average cost of car insurance had increased by 20% year over year, USA TODAY reported. The rise in price is due to various reasons, including high repair rates and severe weather trends.
What does car insurance cost in California?
According to NerdWallet’s reporting on California insurance costs, the average cost of full coverage car insurance is $1,622 a year, while the average cost of minimum coverage is $462.
Some states comparable to California’s rates are:
What is the cheapest car insurance in California?
Geico, Grange Insurance Association, Auto Club of SoCal, Mercury, and State Farm offer the cheapest car insurance rates for minimum coverage for a 35-year-old driver with a clean driving record and good credit, according to NerdWallet. If that doesn’t sound like you, NerdWallet also broke down costs for drivers of different ages with different driving records.
What are the cheapest states for full coverage auto insurance?
Wyoming is the cheapest state for full coverage auto insurance at $970 a year, followed by Vermont at $1,085 a year and New Hampshire at $1,130 a year, NerdWallet found.
What are the most expensive states for full coverage auto insurance?
Louisiana motorists pay $3,150 a year, the highest in the country. Florida and Texas follow Louisiana in this pricey achievement, at $3,069 and $2,680, respectively, according to NerdWallet.
In conclusion, understanding how your smart car can affect your car insurance rates is essential in managing your overall expenses. By staying informed about the factors that influence insurance costs, you can make more informed decisions when it comes to selecting the right coverage for your needs. Keep an eye on trends in the industry and consider shopping around for the best rates to ensure you are getting the most value out of your insurance policy.